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There don't seem to many at the moment, but when I was car hunting before e46 convertibles were always surprisingly cheap (£2-4k). So as I said thinking out the box an M3 or 330i would be a cheap rear wheel drive option.
All that said a quick look for track and ralley cars looks like they sell for about 5% of their build cost. So I'd just buy someone else's toy then swap and sell the most expensive bits.
hugo7
Supper cheap? There is a risk that his next late evening snackette could be ruinously expensive.